The Securities and Exchange Commission (SEC) has appointed Accenture Federal Services LLC to manage the Lost and Stolen Securities Program (LSSP) starting from January 1, 2025. This program, created in 1977, requires certain financial institutions to report and investigate securities certificates that are missing, lost, stolen, or counterfeit. Accenture's role is a result of a competitive selection process and replaces any previous entities holding the designation. The goal is to ensure securities certificates are duly accounted for and validated.
Simple Explanation
The SEC picked a company called Accenture to keep track of and fix problems with special papers called securities if they go missing or are stolen. Some people are worried because they aren't sure why Accenture was chosen or if they know how to do the job well.